All Banking is Personal
Personal Loan is a loan facility currently available to employees who operate a Salary Current or Savings Account with Wema Bank. This product is also available for formally employed staff of companies/employers pre-approved by Wema Bank and groups of salary earners under an association. With this product, you can cover medical bills, purchase a car, make home improvements, give your side hustle a little boost, pay for training to improve yourself, and do so much more!
The personal loan will be disbursed into a salary account domiciled with the Bank.
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Available to existing salary account holders, based on salary domiciliation.
New customers, will in addition to salary domiciliation, provide evidence of consistent salary payment for most recent 3 months.
Maximum loan amount is 7 multiples of net monthly salary, subject to a maximum of N2 million
Maximum loan tenor of 36 months.
Loan Top-up available after 6 months of regular monthly down payments.
Available to confirmed employees only.
Apply for loans & overdrafts at the convenience of your office
Short turnaround time for loan & overdraft disbursement (48 hours)
Zero account maintenance fee on the current account
Access to mobile & Internet Banking services
Duly completed loan application form & executed offer section
Letter of Introduction signed by an authorized signatory of employer
Irrevocable letter of salary domiciliation (duly executed by employer’s authorized signatory). Please note that the signatories must be independently verified by a representative of Wema Bank
Proof of income (3 months’ pay slip or 3 months account statement)
Proof of address (Physical visitation and report by bank representative) supported with a copy of recent utility bill
Proof of identity (Staff ID is acceptable but National ID, International Passport or Driver’s License may be required where necessary)